In September 2011, the European Commission issued a proposal for the introduction of a directive containing an FTT of 0.1% for bond and equity transactions and 0.01% for derivatives transactions.

While France and Germany – the countries that originally pushed for the tax – received support from Belgium, Austria, Slovenia, Portugal and Greece, one more member state’s approval had been needed in order to employ ‘enhanced cooperation’.

In October 2012, Italy, Spain, Estonia and Slovakia pledged support for the tax, bringing the number of member states backing the FTT to 11, higher than the minimum of nine countries required under Commission rules to trigger enhanced cooperation.

More invaluable advice from Robert A. G. Monks, analyzing the new breed of dysfunctional “drone corporations.” He calls out the most influential trustees of pension funds, endowments, and foundations by name to take responsibility. A must read by asset managers and trustees worldwide.